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Globalization And How It Effects The World

1482 words - 6 pages

GlobalizationByJordan LampeOutlineThesis: Globalization has allowed great development in virtually all countries and shouldnot solely be blamed for some countries improving more than others.I. What is globalization?II. When did globalization begin?III. What has globalization done?A. PositivesB. NegativesIV. What should happen from here?GlobalizationGlobalization has become an almost household term in countries around the world in recent years. Globalization is not a new term by any means, but is now acquiring more emotive force than ever before. Opinions on the matter are varied and passionate. One dynamic debate is whether or not globalization is causing rich countries to get richer and ...view middle of the document...

There is no point in time to which the start of globalization can be identified. There are many factors that contributed to its development though. Following the first circumnavigation of the earth in 1519, there was a great expansion of capitalism in Europe. In the late nineteenth century, there was a big expansion in world trade and investment. This was halted by World War I, which lead to the Great Depression in 1930 ("Globalisation Guide").The world developed a sense of being united by the establishment of the International Date Line and world time zones, along with the near global adoption of the Gregorian calendar between 1875 and 1925 ("Globalisation Guide").The end of World War II brought along another expansion of capitalism when development of multinational companies interested in producing and selling in domestic markets around the world boomed. Capitalism triumphed over socialism with the fall of the Berlin Wall and the collapse of the Soviet Union. Every business and organization could begin reaching the world with the development of the Internet ("Globalisation Guide").Globalization has brought about unparalleled economic growth, most notably in the twentieth century. Today commerce and financial services are far more developed and deeply integrated than they were 100 years ago. The integration of financial markets was made possible by modern electronic communication. The global per capita Gross Domestic Product (GDP) increased almost five-fold. Interestingly, this growth was not steady. The second half of the century brought about a period of rapid trade expansion.During the inter-war era, the world retreated from globalization to closed economies, protectionism and pervasive capital controls. The per capita income growth fell to less than 1 percent during 1913 - 1950. The rest of the century showed per capita income growth over 2 percent, the fastest pace of all coming during the post-World War boom in industrial countries ("Globalization").In the past 50 years, the growth in trade between nations has contributed to lifting 3 billion people out of poverty. When tariff barriers are reduced, it is easier for nations to trade with each other. This lifts the wealth of all nations by allowing them to concentrate on the areas of trade where they have to most expertise.Education and productivity dictate wages level variations between countries. As countries develop, wages levels rise and the focus of their industry shifts from labor intensive to more capital and knowledge intensive industries ("Globalisation Guide").Developing countries have increased their share of world trade from 19 percent in 1971 to 29 percent in 1999. The strongest rise has come from the export of manufactured goods. The share of primary commodities in world exports such as food and raw materials, which are typically produced by the poorest countries, has declined ("Globalization").The gap between rich and poor nations is increasing though. Over the past ten...

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